Over the past four years, more than 1.3 billion people worldwide have joined social media to connect with others, keep in touch with the latest trends and promote business. Today, social media platforms have close to 4.9 billion users. This number is expected to grow by 25% in the following years. According to data presented by OnlyAccounts.io, social media platforms are forecasted to reach more than six billion users and a huge 75% penetration rate by 2028.
A decade of unstoppable user growth
The social media space has grown tremendously in recent years, becoming an inevitable part of everyday life for billions worldwide. The Statista data show just how significant that growth was. Back in 2019, roughly three point five billion people used social media platforms. This figure swelled to nearly four point nine billion in just five years, with an average of three hundred and fifty million people joining the social media space each year.
Statista expects the entire market to see a decade of continuous user growth, but the growth rates will slow down. The number of social media users is expected to increase by three hundred and four million in 2023, significantly less than three hundred and ninety five million new users reported in 2020. Statistics show 2024, 2025, and 2026 will see an average of two hundred and fifty million new users. By 2028, the annual user growth is expected to drop to one hundred and eighty three million.
But despite growth rates slowing down, the social media space will see more than one point one billion new users in five years. The global penetration rate will rise from 63.7% to 75.3% in this period.
Instagram’s phenomenal growth
Although Facebook and TikTok convincingly lead in the number of users, Instagram will see much bigger user growth in the following years. In fact, Statista expects Instagram to dethrone TikTok and become the fastest-growing social media platform in the next four years. In 2023, the photo and video-sharing social networking app hit one point thirty three billion users, eighty six million more than a year ago. By 2027, the number of people using Instagram is expected to grow by 17.2% and hit one point five six billion, making one-fifth of the global social media user count.
TikTok is expected to see a 17% user growth in this period, with its user count reaching over two point two billion. Facebook will see the smallest increase among the top three platforms of 14%, with its user base reaching three point one billion people by 2027.
